# In the matter of Bluewheel Infrastructure Private Limited IA (IBC) 606-2021 in CP(IB)No. 284-9-HDB-2020

> NCLT judgment dated 2021-11-11. Citation: TCN-2021-NCLT-00537. The case involves an application (IA No. 606 of 2021) filed in CP(IB)No.284/9/HDB/2020 by the…

- **Court:** NCLT
- **Order date:** 11 Nov 2021
- **Citation:** TCN-2021-NCLT-00537
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bluewheel-infrastructure-private-limited-ia-ibc-606-2021-in-cpibno-284-9-hdb-202-b1aa925f

## Summary

### Background

The case involves an application (IA No. 606 of 2021) filed in CP(IB)No.284/9/HDB/2020 by the Resolution Professional of Bluewheel Infrastructure Private Limited, seeking an order for the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by the Operational Creditor, Growing Leaf Agrotrade Pvt Ltd, under Section 9 of the IBC. The application was admitted on 2016-06-18, and the applicant was appointed as the Interim Resolution Professional, later confirmed as RP. The Corporate Debtor had no viable business for the past 2 years and had no fixed assets. A registered valuer valued the securities and financial assets of the Corporate Debtor at Zero. The CoC, in its second meeting held on

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Bluewheel Infrastructure Private Limited based on a petition filed by Growing Leaf Agrotrade Pvt Ltd under Section 9 of the IBC. The application was admitted on 2016-06-18. The Resolution Professional (RP) filed an application (IA No. 606 of 2021) seeking liquidation of the Corporate Debtor. The Corporate Debtor had no viable business for the past 2 years and no fixed assets. A registered valuer valued the securities and financial assets of the Corporate Debtor at Zero. The Committee of Creditors (CoC) in its meeting on 2021-09-14, resolved to proceed with liquidation with 96.84% voting, finding no scope for resolution. The RP, Mr. Rajkumar Sarda, expressed his willingness to act as the

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Bluewheel Infrastructure Private …

**Ratio:** Section 33 of the I&B Code, 2016, allows the Adjudicating Authority to pass an order

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**Reasoning:** The Adjudicating Authority noted that no resolution plan was received under Sub-Section

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**Interpretation:** Section 33 provides the legal basis for initiating liquidation proceedings when

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**Application:** Given that no resolution plan was received and the CoC approved liquidation,

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## Parties

- **Judges:** DR.VENKATA…; BINOD KUMAR…
- **Appellants:** Rajkumar…
- **Respondents:** Bluewheel…; Growingleaf…

## Timeline

- **2016-06-18 — Admission of CIRP…**: The application for initiation of Corporate Insolvency Resolution Process (CIRP) against…
- **2021-09-14 — CoC Meet…**: The Committee of Creditors (CoC) held its second meeting and passed a resolution to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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